[BUYING AND SELLING REAL ESTATE IN LATVIA]
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registration of the buyer's title). This rule would be always applicable in relation to reliance of third parties on the owner of real estate; however, the contracting parties may agree otherwise on the moment of transfer of title. To re-register the title with the Land Registry, the registration request to the Land Registry on the transfer of the title should be personally signed before a notary public chosen by the contracting parties. This can be done in person at a notary's place of practice or remotely, using video conferencing mode and signing necessary documents electronically with a secure digital signature with a time stamp. The notary verifies the identity of both parties, and in case of legal entity also the rights to represent the legal entity. The persons signing the registration request need to provide proof of the identity - passport or ID card for private individuals and also a representative of the legal entity. If the contractual party is a legal entity not registered in Latvia an excerpt from the company register certifying registration of the company and the representation rights of the representative should be provided. Depending on the registration country of the legal entity, the excerpt from the company register should be certified by a notary public or by an authority of the company register of the respective country (for the EU or the EEA countries, or the Swiss Confederation or a Member State of the Organization for Economic Co-operation and Development), or the excerpt should be legalized in accordance with the international regulatory enactments. The excerpt from the company register should also be translated in Latvian and translation should be certified by a notary public. A registration request for the re-registration of the title with the Land Registry should be
submitted with the respective district (city) court in the territory of operation of which real estate is located. The following documents should be enclosed with the registration request: - an agreement on alienation of the real estate; - a refusal to exercise the rights of first refusal (except the refusal of the joint owner or owner of divided property) ( Please see Section IX. (A) ); - a consent from third parties, if such is required in the particular situation, for example, a consent from the bank in case of a mortgage, or a consent from the spouse of the seller, if the real estate is the co-property of spouses; - permission from the local government to acquire the land in Latvia, if such is required by the law ( please see Section V. (D) ); - documents certifying representation rights of the parties; - receipts for the payment of the state and stamp duties. VII. CLOSING COSTS/ ADJUSTMENTS Notary fees are determined by secondary legislation, i.e., the Regulations of the Cabinet of Ministers. For the re-registration of the title with the Land Registry, a state duty and a stamp duty should be paid prior to the submission of the registration request with the respective district (city) court. The amount of the Land Registry state duty depends on the person in whose favor the property rights to the real estate are secured - the rate applicable to the state duty depends on the cadastral value of the real estate or the
ILN Real Estate Group – Buying and Selling Real Estate Series
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